Solar Insures Property policy offers comprehensive coverage for new and existing commercial solar Power Purchase Agreement. This policy is activated with Transit coverage when project components begin their journey to the construction site, initiates the Installation All Risk coverage upon commencement of work at the site, remains in full force as the panels are tested, and commissioned, and simply incepts an Operating All Risk policy when commercial operations begin. No coverage gaps exist during these transitions, and therefore no claim jurisdiction disputes can arise.
The Solar Pro Property policy includes full non-warranty Mechanical and Electrical Breakdown coverage. Also included is time-related exposure protection against lost power production revenue due to Transit delays lost revenue due to Construction delays and Operational revenue losses (Business Interruption Coverage).
SolarInsure PPA program offers standard Property deductibles beginning at $5,000 for Physical Damage and 20 days for Business Interruption. Higher deductibles, up to $1,000,000 and 60 days and higher, are available and often preferred by clients and their lenders for large projects. SolarPro’s “high risk area” Lightning, Flood and Earthquake deductibles are 5% of the value of the actual loss amount (not the total insured value), subject to a minimum of $100,000 or the policy deductible, whichever is higher. Outside of these areas, full project value coverage is standard. And depending upon the project location, higher specific deductibles for certain perils such as windstorms in hurricane-prone areas may be required.
A fundamental feature of SolarInsure, and a key to its widespread success, is its flexibility in being able to structure coverages in a variety of ways to meet the needs of the insured. Solar Pro policies are essentially tailored to the specific coverage requirements of each individual wind project and its contractual insurance obligations, so no two policies are the same.